how long does my personal injury attorney have disburse settlement

The length of time that a personal injury attorney has to disburse a settlement will depend on several factors, including the terms of the settlement agreement and the laws of the state in which the attorney practices. In general, personal injury settlements are disbursed as soon as the funds have been received from the responsible party or their insurance company and have been properly processed.

Typically, the settlement funds are first deposited into the attorney’s trust account, and the attorney will then be responsible for paying any outstanding medical bills or liens from the settlement proceeds. After these expenses have been paid, the attorney will disburse the remaining settlement funds to the client.

Receiving a settlement in a personal injury case can bring immense relief, but it often leads to a pressing question: how long does your attorney have to disburse your settlement funds? Understanding this timeline is crucial for managing expectations and planning your finances effectively.

Once a settlement is reached in a personal injury case, a series of steps must be completed before you receive your funds. The process generally includes finalizing the settlement agreement, the insurance company issuing the check, your attorney depositing the check into a trust account, and finally, disbursement of the settlement amount to you after deducting legal fees and other expenses.

The timeline for disbursement can vary depending on several factors, but typically, you can expect the entire process to take several weeks to a few months. Here’s a breakdown of the steps involved:

Finalizing the Settlement Agreement: After agreeing on the settlement amount, both parties must sign a settlement agreement. This step can take anywhere from a few days to a couple of weeks, depending on the efficiency and responsiveness of both parties.

Issuance of the Settlement Check: Once the agreement is signed, the insurance company will issue a settlement check, which can take about one to three weeks. The check is sent to your attorney’s office, where it is deposited into a trust or escrow account.

Clearing the Check: After depositing the check, the funds need to clear, which typically takes about five to ten business days. During this time, the bank verifies the funds and ensures there are no issues.

Deductions and Payments: Your attorney will then deduct legal fees, case expenses, and any liens (e.g., medical bills, insurance claims) from the settlement amount. This step can vary in duration based on the complexity of the deductions and the number of liens involved.

Final Disbursement: Once all deductions are made, your attorney will disburse the remaining settlement funds to you. This final step usually takes a few days.

In some states, there is a statute of limitations on when a personal injury settlement must be disbursed, and the attorney may be required to disburse the settlement funds within a certain period of time, such as 30 or 60 days, after receipt of the funds. In other states, there is no specific time frame for disbursing settlement funds, but the attorney is still obligated to disburse the funds as soon as possible.

In any case, it is important to communicate with your personal injury attorney about the timeline for disbursing your settlement funds, and to keep track of when you should expect to receive your funds. If you have any concerns about the disbursement of your settlement funds, you should contact your attorney immediately.

If you need assistance with a personal injury case in Michigan, you can trust Keith D. Leshine Attorney At Law, LLC, located in Duluth, GA. They have extensive experience handling personal injury cases and will work tirelessly to help you secure the compensation you deserve. Contact them for a consultation and to learn more about their services.